March 12, 2019
The Dodd-Frank Act of 2010 is one of the worst pieces of legislation to have become law in recent history. It created the Consumer Financial Protection Bureau as an independent government unto itself, unaccountable to the president, Congress or the American people. Another provision, the Durbin amendment, was meant to save consumers money, but ended up costing those with a checking account an estimated $8 billion in additional fees.
February 26, 2019
Everyone understands the need for access to credit. No matter how well we budget, we occasionally come up short due to an unexpected circumstance or expense—a car repair, a sick pet, a friend’s wedding. All kinds of things pop up and disrupt our financial plans, and this can be a real problem for millions of Americans. For example, a survey from the Federal Reserve recently found that 4 in 10 Americans would not have enough liquid savings to cover a $400 expense.
February 15, 2019
There are many types of burdensome government mandates, but of all the Ten Thousand Commandments, regulations that coerce the purchase of a particular product or commodity are among the most destructive.
February 12, 2019
The comment period on a critical new initiative to promote innovation in financial services from the Consumer Financial Protection Bureau closed this Monday. My colleague John Berlau and I filed comments supporting the effort.
February 7, 2019
Our friends at the Federalist Society have an interesting new video out on legal businesses being targeted for government harassment because their products have become politically unpopular. These tactics were notoriously employed by the Obama-era “Operation Choke Point,” but could be deployed in the future against any industry that attracts the ire of federal bureaucrats.
February 4, 2019
While the 115th Congress did not achieve all that was hoped for with regards to financial services reform, it did make important progress to achieving a more free and competitive system by passing Senate bill 2155. However, while S. 2155 was an important bipartisan victory, there was something conspicuously missing—reform of financial technology. This should be a bipartisan priority in the 116th Congress.
January 31, 2019
In a major speech to a liberal group outlining her priorities as chairman of the House Financial Services Committee, Rep. Maxine Waters (D-CA) sharply criticized President Trump and many conservative policies, but reaffirmed her support of bipartisan deregulatory legislation referred to as the “JOBS Act 3.0.”
January 21, 2019
Perhaps one of the most under-appreciated aspects of our modern world is the fact that finance is fundamental to the operation of a free and prosperous society. It is a time machine, allowing us to move value forward and backward through time, and it acts like the oil to a smooth-running economic engine. Without it, our modern economy would grind to a halt. Indeed, as financial historian William Goetzmann has argued, in many ways it is finance that has made our current civilization possible.
January 9, 2019
As cryptocurrency and the associated blockchain celebrate their tenth birthdays, CEI’s new “Free to Prosper” agenda for the 116th Congress aims to ensure bureaucratic red tape doesn’t stunt their growth.
January 4, 2019
2018 was a big year for the Consumer Financial Protection Bureau (also known, for a while, as the Bureau of Consumer Financial Protection). The past year marked the first time that the Bureau changed political hands, from the former Democratic Director Richard Cordray, to Republican acting Director Mick Mulvaney, and now to the new permanent Director, Kathleen Kraninger.